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Icahn promises more as Forest fends him off in proxy fight

This article was originally published in Scrip

Executive Summary

Shareholders at Forest Laboratories' 18 August annual meeting rebuffed a challenge from activist Carl Icahn, as they turned away his effort to put four of his director nominees on the drug company's board. The shareholders elected all 10 of Forest's director nominees by "a significant margin", the company said, citing preliminary results. But while the board sweep certainly puts Mr Solomon in a winning position for now, industry watchers are not counting Mr Icahn out yet, since he has lost battles only to reappear at a later date.

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